- Plus Token Wallet Moves $63.1 Million in ETH After 3 Years of Dormant
- Some of the dormant funds that were stored in the Bidek were transferred to Huobi.
- This move could trigger a market panic. The current value of ETH is $2,379.35.
In a dramatic turn of events, a whopping $63.1 million worth of Ethereum (ETH) was moved from a cryptocurrency wallet linked to the infamous Plus Token scam, after lying dormant for over three years.
The sudden movement of assets worth 25,757 ETH has raised concerns about potential market volatility.
The wallet was last activated in 2021.
According to on-chain data analyst EmberCN, the last time a dormant wallet linked to the Plus Token Ponzi scam became active was in April 2021.
According to on-chain data, the Plus Token Ponzi scheme organizers transferred 789,534 ETH, previously held in the “Plus Token Ponzi 2” wallet, to the Bidesk exchange via multiple addresses between June and September 2021. However, the Bidesk exchange went bankrupt in late 2021, forcing the tokens to be transferred to Huobi.
Most of the 789,534 ETH tokens were sold in 2021, while some remain unsold. Some of the remaining tokens have been moved over the past two days. A total of 12 addresses have received 25,757 Plus Token-related ETH worth approximately $63.1 million over the past two days.
Some of these ETH were not transferred to Bidesk in 2021. Some were withdrawn from Bidesk but not transferred to Huobi.
The movement of so much money comes as the scheme collapses and Chinese authorities step up their crackdown, seizing vast amounts of cryptocurrency.
Plus Token Ponzi Scam Cracked Down
During the crackdown, Chinese officials seized assets worth approximately $4.2 billion, including 194,775 Bitcoin (BTC), 833,083 ETH, 497 million Ripple (XRP), and 6 billion Dogecoin (DOGE).
At current market prices, the value of these assets has soared to around $13.5 billion.
The reactivation of the Plus Token scam wallets and the possibility of future sell-offs could cause significant panic within the cryptocurrency markets.
According to the latest update, the price of ETH is around $2,379.35, with minimal fluctuations observed so far.
However, market experts are watching the situation closely to gauge the potential impact it could have on Ethereum and broader crypto assets.